The Tourism Authority of Thailand (TAT) has said it will monitor the long-term impact of the collapse of Silicon Valley Bank (SVB) but assures that the country’s tourism is unlikely to be affected in the short term due to pent-up demand.
TAT Deputy Governor for Europe, Africa, the Middle East, and the Americas Siripakorn Cheawsamoot stated that the effects of SVB closure will not immediately impact the number of long-haul visitors to Thailand as the situation is centered in the United States, with limited effects in other countries. He noted that the market is being supported by pent-up demand for travel, making the situation less severe for the country. However, TAT has not been negligent and is closely monitoring the situation and studying its long-term consequences.
Chon Buri Tourism Council President Thanet Supornsahasrungsi stated that the situation may have an impact on tourism in the region where the bank operates but it is unlikely to have a direct impact on Thailand or Asia. He further explained that European travelers’ off-peak season is in April, and travel agencies frequently shift their marketing focus to short-haul markets such as China, South Korea, Japan, and India.
The council president suggested that focus should also be placed on high airfares and restricted flight capacity, which has just recently improved. He noted, however, that with China recently allowing tourist visa applications for individuals wishing to visit the mainland, airlines will gain from better balancing inbound and outbound passengers, resulting in more available seats and cheaper flight tickets. (NNT)